cspan consumer spending

8/11/2019 Cspan Consumer Spending

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www.bea.gov

How Americas Consumers SpendAcross States

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Growth in Consumer Spending

2002-2012


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www.bea.gov

New Statistics on Consumer Spending

For the first time, statistics are availableon state-level consumer spending.

BEA released first report on Aug. 7.

Annual data spans 1997 through 2012.

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www.bea.gov

Leading Statistics

Before the Great Recession, spending byNevada consumers grew at a 10.1 % pace, butafterwards dwindled to 1.2 % pace.

In contrast, spending by Michigan consumers

grew at a 2.8 % pace before the recessionmarginally more than the 2.1 % after thedownturn.

Spending by all U.S. consumers grew at a 5.7 %pace before the recession compared with a 2.5% pace during the recovery.

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www.bea.gov

Who Are the Big Spenders?

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Consumer Spending Across the U.S.

2012

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A Look at Consumer Spending Beforeand After the Great Recession

2002-2007 2009-2012

United

States

5.7 % 2.5 %

Arizona 9.1 % 1.9 %

Florida 7.8 % 2.2 %

Nevada 10.1 % 1.2 %

Indiana 4.6 % 2.6 %

Michigan 2.8 % 2.1 %

Ohio 3.6 % 2.4 %

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Average Annual Growth

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How did the Great Recession AffectSpending in Nevada?

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$500

$700

$900

$1,100

$1,300

$1,500

$1,700

$1,900

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Perperson

Spending for Select Categories

Motor vehicles and parts Furnishings and durable household equipment

Gasoline and other energy goods Food services and accommodations

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How did Consumers Make EndsMeet in Nevada?

2007 2009 Difference Percentchange

Motor vehicles

and parts

$1477 $884 - $593 - 40.1 %

Furnishings and durablehousehold equipment

$1112 $876 - $236 - 21.2 %

Gas and other energygoods

$1096 $821 - $275 - 25.1 %

Food services andaccommodations

$1660 $1474 - $186 - 11.2 %

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Per Person Spending

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How did the Great Recession AffectSpending in Arizona?

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$500

$700

$900

$1,100

$1,300

$1,500

$1,700

$1,900

$2,100

$2,300

$2,500

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Perperson




H did h G R i Aff


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How did the Great Recession AffectSpending in Indiana?

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$500

$700

$900

$1,100

$1,300

$1,500

$1,700

$1,900

$2,100

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Perperson




H did C M k E d


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How did Consumers Make EndsMeet in Indiana?

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2007 2009 Difference Percentchange

Motor vehicles

and parts

$1247 $1023 - $224 - 18.0 %

Furnishings and durablehousehold equipment

$868 $750 - $76 - 10.1 %

Gas and other energygoods

$1456 $1137 - $319 - 22.0 %

Food services andaccommodations

$1700 $1694 - $6 - 0.4 %

Per Person Spending

H did h G R i Aff


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How did the Great Recession AffectSpending in Ohio?

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$500

$700

$900

$1,100

$1,300

$1,500

$1,700

$1,900

$2,100

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

PerPerson




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How has Spending Recoveredin Hard Hit States?

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90 95 100 105 110 115 120

Arizona

Florida

Nevada

Indiana

Michigan

Ohio

United States

100

Consumer spending in 2012 compared to 2007


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New Statistics on Quarterly GDP by State

Provides more precise identification ofthe timing of economic downturns andrecoveries in each state.

Provides a more timely read on theeconomic health of states.

Aids in the early identification ofwarning signs in the U.S. economy.

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GDP Leading into the Great Recession

2007 FirstQuarter

SecondQuarter

ThirdQuarter

FourthQuarter

United

States

1.5 0.4 2.4 2.2 1.1

Arizona 2.8 - 0.8 4.4 4.2 - 4.6

Florida 0.4 - 4.4 2.0 3.7 - 2.8

Nevada 1.9 3.4 0.8 2.3 4.4

Indiana 2.6 0.5 6.3 4.6 2.0

Michigan - 1.5 2.7 - 1.4 0.5 - 8.3

Ohio - 0.8 0.3 - 1.1 1.5 - 1.6

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Annualized Growth Rates

cspan consumer spending

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